Group 1: International Market

General Agreement on Tariffs and Trade (GATT) is the fomer organization of ___ (3 words)?

___ (2 words) is an economic system with no barriers to free-market activity

“In an open market, the pricing of goods or services is driven predominantly by the principles of supply and demand with limited interference or outside influence from large conglomerates or governmental agencies”.

• True

• False

Which of the following words does not belong to the same group with “protected market”

• regulations

• restrictions

• liberalise

• subsidise

Complete the sentence: “It’s essential to ___ all regulations if you want the delivery to go through without problem.”

• comply with

• carry out

• go with

• get along

International markets widen the ___ between rich and poor nations.

• gap

• distance

• opportunity

• standard

“If a government is laissez-faire, it has many laws and rules that control the buying and selling of goods and services”

• True

• False

Most successful economies tend to have ___ and most of their industries have been ___

• open markets/ regulated

• protected markets/ regulated

• open markets/ deregulated

• protected markets/ deregulated

Free trade usually brings down the cost of goods, but the personal 'costs' of this can be very high.

• True

• False

Countries sometimes accuse each other of ___, when exported goods are sold at a lower price than in the home market or for less than they cost to produce, usually in order to gain ___ in the export market.

• dumping/ market share

• dumping/ market segmentation

• quotas/ market share

• quotas/ market segmentation